Catenaa, Thursday, April 03, 2025- Elon Musk confirmed during a town hall meeting on March 30 that there were no plans for the US government to adopt Dogecoin.
The comment comes amid speculation fueled by Musk’s involvement in political circles and his role in the America PAC, a political action committee supporting former President Donald Trump.
Musk, responding to questions about Dogecoin’s future role in federal initiatives, dismissed concerns, stating, “There are no plans for the government to use Dogecoin or anything as far as I know.”
He added that while the name of the cryptocurrency shares similarities with the Trump-backed agency DOGE, their missions are entirely unrelated.
Musk clarified that the goal was to improve government efficiency by 15%, focusing on streamlining bureaucracy and cutting costs.
Dogecoin, created in 2013 as a parody of early cryptocurrency trends, gained unexpected popularity, reaching a market cap of over $84 billion in 2021.
Despite the coin’s rise, Musk’s commentary on government reform and the potential role of cryptocurrencies has raised alarms, particularly among Tesla investors.
The CEO has openly acknowledged that his involvement in political campaigns and initiatives has affected Tesla’s stock, which has fallen by nearly 50%.
The America PAC, founded by Musk in 2024, has been criticized for advocating controversial changes in federal workforce structures, including job cuts.
